BajaNomad

BN Members' perspective on the economic impact

TMW - 11-7-2020 at 04:28 PM

The pandemic hasn't affected me in a financial way because I am retired with two pensions and SS. I just refied my home at 2.6% which saved me $140/mo, switched to Spectrum cable from AT&T/Direct-TV and saved $60/mo, and switched from Allstate to Geico auto insurance and saved $600 per year. so things are looking better for me. My one concern is my IRA. I made a lot of money under Trump so with Biden I don't know. The other day my financial advisor recommended going a little more conservative on my investments which I did. I hope all goes well.

I'm not one to be too concerned when the President changes from one party to the next. I've seen a lot of things over my lifetime and the one thing most people don't realize is that most congressional officials in Washington work better together than you think. There are spats etc but don't let the headlines fool you.

The other thing is that for the most part change comes slowly. As they say Rome wasn't built in a day.

David K - 11-7-2020 at 04:50 PM

Like TW, I am retired... for me, from my 40 years in the irrigation business. The pandemic cancelled two Baja trips and one was a paying gig. So, not a lot of financial impact but my heart breaks for friends and family in the restaurant business.

JZ - 11-7-2020 at 04:52 PM

Wife's business is going crazy. She works 8am to 730pm every day. She's in sales.

I run a small tech company selling to Fortune 1000 Enterprises, Service Providers, and Govt. H1 was up 2% YoY. Had a goal to grow it 15% this year, so missed that. Q3 was soft. But Q4 looks to be strong. Sales cycle duration has gone up about 33% YoY.

Real Estate is my side gig. That is doing very well, except for some renters missing payments.

I've never been into politics. Pretty much hate it. And never liked Trump. But for the first time in my life I do worry that the far left will F up the country and the economy. I think it's a little more at risk than TMW stated.

I will always believe we locked down too long. It has crushed so many people.



[Edited on 11-7-2020 by JZ]

advrider - 11-7-2020 at 08:59 PM

I work in the California prison system so covid has caused a lot of overtime, like it or not I got a bunch. I retire next year so I hope I keep making money in my 457. Trump made me money but said chit a fifth grader wouldn't so I'm not a total Trumpster. Not sure about the other guy either? Just get things going so I can get back to Baja, I love Mexicans, I married one!

del mar - 11-7-2020 at 09:53 PM

anybody else see "economic growth" wanted or not by just not traveling, going to bars and restaurants?

JZ - 11-7-2020 at 11:47 PM

Quote: Originally posted by del mar  
anybody else see "economic growth" wanted or not by just not traveling, going to bars and restaurants?


Going to quote this now. As this is one of a hundred rambling posts you like to do when drunk and later delete.

BajaMama - 11-8-2020 at 09:05 AM

My family has been economically stable during the pandemic. All kids retained their jobs, husband too (he is VP Ops Mgr. for a largel mechanical contractor). My sister, however, a long time realtor in the East Bay, has been busy as heck. Residents on the edge of retirement are moving out and taking their home equity with them, and workers from the city are flocking to the suburbs because they are working from home. Busiest she has ever been.

BajaMama - 11-8-2020 at 09:29 AM

Regarding lock downs - I don't think that will happen in the USA again. We can't even get 1/2 the country to wear a mask and wash their hands.

ehall - 11-8-2020 at 12:10 PM

401k up 71% in 2 years.

shari - 11-8-2020 at 02:14 PM

the pandemic has caused me substantial negative impact as there were several months with zero income yet I had to support more people than usual. My daughter lost her job due to Covid in Ensenada so she moved back to Asuncion so I had her and my 2 grandkids to support and I feel obligated to keep my workers employed to support their families.

Thus I have burned through my emergency savings...but feel blessed to have had those savings to use because most people in the villages dont have savings and are really feeling the crunch with less income and more kids to support.

There is no bail out here....just the generosity of family & friends to keep everybody afloat...so spread the tourism money around by visiting BAja!

JZ - 11-8-2020 at 02:29 PM

Quote: Originally posted by shari  
..so spread the tourism money around by visiting Baja!


Amen.

TMW - 11-8-2020 at 03:19 PM

Shari I hope tourism really picks up for Baja and I'm so sorry it has affected you like it has. The Pandemic has not affected me or my family except in things being closed, like restaurants etc. As I said I'm retired so my income has not been affected nor has any of my kids or grand kids. My son is retired army and also works for the government as does his wife. His kids all have good jobs, the youngest just joined the army. My daughter is a nurse as are most of her friends and you can imagine how that kind of work is doing, lots of overtime. I just hope they don't get the virus from work. Her kids all have good jobs not affected by the pandemic. I know so many have been put out of work by this virus and how the government officials have handled it by closing then opening then closing again. These small mom and pop places can't take much more of that as they lose everything. I hope everyone that can is donating what they can to help.

BajaTed - 11-8-2020 at 03:52 PM

Commercial aerospace has been slammed. I'm contracting again because they cut so many people. Defense aerospace is still there though.

jajajaja - 11-11-2020 at 10:05 AM

My take.

Born in 87. My generation and younger are bearing the brunt of all of comfort and success. Blame a president. Blame a dog, you all contributed.


Demographers are having a field day with your generations


This thread did a marvelous job exposing just what this forum consists of,

A bunch of old people, who have no worries, no reason to work, all sitting around arguing on the internet. you’re all on the same team! The winning team.

So that’s what retirement offers? I’ll keep working....

LOL THE AMERICAN DREAM



Keep the division y’all, it’s working for you and humanity!

billklaser - 11-11-2020 at 10:36 AM

For what it's worth, our portfolio up 36% per year last 3 years. Getting back to the topic: We just recently retired & have a comfortable life. My daughter & husband both teachers receiving their $ & teaching. My 3 son's all work in construction, very busy & doing well. I too am worried about many small business owners being able to get through this. I see this as a huge economic struggle. With safe guards we need to unlock the country.

gnukid - 11-11-2020 at 10:45 AM

The last 6-8 months has been a great time to invest in Baja, I've bought more properties, built a house, rebuilt 5 motors, repainted cars, done household repairs, top professionals the ones who are always booked up are available, its been a time for communities to come together and start cooperative businesses, build local rancho and huertas. While those scammer companies that prey on tourists have gone out of business. Its been the most productive and exciting times ever to be in Baja. There is endless opportunity to invest and begin your Baja life for those willing to work for it.

As an example, properties that were selling for 1 million pesos are now in the range of 200,000. Labor Cost per square meter to build is significantly lower.

All of these investments in Baja are from profit off gains in the market in a single year.

Today, it seems commodity prices, food, gas etc are rising and dollar pesos going down.

[Edited on 11-11-2020 by gnukid]

mtgoat666 - 11-11-2020 at 01:08 PM

Quote: Originally posted by jajajaja  
My take.

Born in 87. My generation and younger are bearing the brunt of all of comfort and success. Blame a president. Blame a dog, you all contributed.


waaaaaaa! cry me a river!

things change. find your way.

in 25 years i am sure young people will be blaming the old-fart-you for all their problems!

surabi - 11-11-2020 at 02:29 PM

Quote: Originally posted by jajajaja  
My take.

Born in 87. My generation and younger are bearing the brunt of all of comfort and success. Blame a president. Blame a dog, you all contributed.

A bunch of old people, who have no worries,



Funny, all my offspring, born in '73, '77, and '82 are doing quite well for themselves. All have good jobs, homes, don't lack for anything, really. And are grateful for what they have.

You know what I see with your generation (not all, for sure, but your post is indicative of this)? Lack of responsibility, everyone but you is at fault for your failings, an over-inflated sense of self-importance, no respect for anyone or anything. You'll whine about not being able to afford to buy a house, but the thought of denying yourself the latest iphone, or daily Starbucks coffees or $200 pre-ripped jeans so you can save for something don't enter your minds.

And if you think being retired means people "have no worries" that just shows how out-of-touch you are.

TMW - 11-11-2020 at 02:38 PM

I don't think things have changed that much over the years in regards to financial planning and savings. When young you normally didn't worry about what you would have when you got older, a few did but not many. I remember working for Lockheed in GA and the young guys would complain about having SS taken out of their pay. They would comment on how much better they could do with the money. When asked how much they were saving the answer was not much, they'll do it later. I hope they got smart later and started putting together assets for retirement and are not just living off SS.

TMW - 11-11-2020 at 07:42 PM

I see there is one on here that is desperate. That has to be hard. If they U2U me I'd like to help if I can.

ehall - 11-12-2020 at 09:07 AM

Quote: Originally posted by surabi  
Quote: Originally posted by jajajaja  
My take.

Born in 87. My generation and younger are bearing the brunt of all of comfort and success. Blame a president. Blame a dog, you all contributed.

A bunch of old people, who have no worries,



Funny, all my offspring, born in '73, '77, and '82 are doing quite well for themselves. All have good jobs, homes, don't lack for anything, really. And are grateful for what they have.

You know what I see with your generation (not all, for sure, but your post is indicative of this)? Lack of responsibility, everyone but you is at fault for your failings, an over-inflated sense of self-importance, no respect for anyone or anything. You'll whine about not being able to afford to buy a house, but the thought of denying yourself the latest iphone, or daily Starbucks coffees or $200 pre-ripped jeans so you can save for something don't enter your minds.

And if you think being retired means people "have no worries" that just shows how out-of-touch you are.



Very well said. I too have seen just what you describe. My daughter' born in 90 struggled a little but overcame it and is doing well. She continually refuses our help and handles things on her own. She has friends that are the exact opposite.